Wednesday, August 10, 2022

LIC further relaxes claim settlement process for customers affected by COVID-19

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New Delhi: Keeping in view the safety of its customers in the current COVID-19 pandemic situation, the Life Insurance Corporation of India (LIC) has given relaxations in various claim settlement requirements to make the processes easier and hassle-free. In a press release issued on May 7, LIC said, “To facilitate speedy settlement of death claims in the prevailing situation where death has occurred in a hospital (due to COVID-19), in lieu of Municipal death certificates, LIC has allowed alternate proofs of death such as death certificate, discharge summary or death summary containing a clear date and time of death issued by government or ESI or Armed Forces or Corporate Hospitals and counter-signed by LIC class I officers or development officers of 10 years' standing, along-with cremation or burial certificate or authentic identifying receipt issued by the relevant authority.”

“In other cases, the municipal death certificate will be required as earlier,” it added. 

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For annuities with the return of capital options, production of life certificates is waived for annuities due up to October 31, besides accepting life certificates sent through email in other cases. LIC has also introduced life certificate procurement through video call process.

To address the difficulties experienced by policyholders in submitting documents required for claim settlement in the servicing branch, submission of documents has been allowed in any nearby LIC office for due maturity or survival benefit claims. LIC has also enabled online NEFT record creation and submission for its customers through the customer portal for speedy settlement in the wake of a second wave of COVID-19 infections.

LIC offices to work 5 days a week from May 10

LIC also informed that all the LIC offices will work from Monday to Friday between 10 AM to 5:30 PM from May 10.

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